（一） 主营业务及主要产品 公司属于高端装备制造行业，是一家专注于半导体及工业自动化设备的研发、生产、销售及相关技术服务的国家级 高新技术企业，为下游客户提供半导体工艺制程、智能制造系统、精益和自动化生产体系等定制化专业解决方案，产品 包括工业自动化设备、自动化设备配件及相关技术服务。 公司的核心业务聚焦于两大赛道：半导体与电子产品赛道。在半导体领域，公司致力于推动我国半导体关键设备的 国产化发展，已具备较强的市场竞争力和品牌影响力。公司自主研发的 Mini LED/Micro LED 芯片分选机、Mini LED/Micro LED 芯片电测设备、全自动晶圆挑晶设备、Mini LED/Micro LED 固晶设备、光通讯芯片全自动巴条排列设备 （双工位）、全自动巴条四面外观检测设备、全自动芯片四面外观检测设备、平移式翻转摆盘设备、硅光芯片分选机、 CIS 传感器芯片分选机、FT 分选检测设备、先进封装 Wafer To Panel 设备等半导体工艺设备，加快半导体设备的进口替 代，帮助客户实现生产工艺水平的再次突破，同时提升半导体生产线的自动化程度，提高产线综合效率和产品良品率。 电子产品赛道是公司的传统优 ...

2025年公司持续加大研发投入，上半年研发费用3360.69万元，同比增加33.01%。公司表示，将通过持 续的研发投入，提升产品与解决方案竞争力，坚持行业营销，落实进口替代与上顶下沉等营销策略，扩 大市场空间，提升市场份额。(文穗) 智立方聚焦于半导体和电子产品两大赛道，在半导体设备领域，公司自主研发的Mini LED/Micro LED 芯片分选机、MiniLED/Micro LED芯片电测设备、全自动晶圆挑晶设备、Mini LED/Micro LED固晶设 备、光通讯芯片全自动巴条排列设备(双工位)、全自动巴条四面外观检测设备、全自动芯片四面外观检 测设备等实现了进口替代，并凭借快速定制化响应与关键工艺参数优化，实现从单一设备供应到联合工 艺开发的战略合作升级。电子产品赛道，公司自动化测试设备及自动化组装设备产品取得了苹果、 Meta、歌尔股份（002241）、鸿海集团、立讯精密（002475）等全球知名公司的认可。上半年公司持 续扩展半导体细分领域的新产品导入，半导体相关业务已成为公司重要增长方向之一。上半年工业自动 化设备实现收入2.18亿元，同比增长21.99%；毛利率较上年同期增加7.11个百分 ...

Core Insights - Nanjing Qilin Science and Technology Park has evolved over 15 years, focusing on innovation and technology self-reliance, supported by over 1,000 top talents from the Chinese Academy of Sciences [1] - The park aims to become a national hub for technological innovation, emphasizing the integration of scientific research and industrial innovation, particularly in artificial intelligence and digital economy sectors [1][4] Group 1: Technological Infrastructure - The Nanjing Intelligent Computing Center is the largest domestic computing center in the Yangtze River Delta, facilitating the application of DeepSeek in retail [2] - Major technological infrastructure projects include the "Information Superhighway" integrated computing infrastructure, connecting data centers across six cities [2][3] - The first domestic 100-megawatt compressed air energy storage system is under development, supporting large-scale energy storage technology [3] Group 2: Talent and Innovation - The park has attracted over 1,000 talents, with significant R&D investments and patent applications, ranking second in the city for innovation metrics [5][6] - The establishment of various research institutions and partnerships with universities and leading enterprises enhances the park's R&D capabilities [6] Group 3: Industry Development - The park hosts around 162 "CAS system" enterprises, with a total valuation exceeding 20 billion yuan and annual revenues nearing 3.5 billion yuan [8] - Companies like Tong'er Electronics and Nanjing KOWE Communication Technology have achieved significant revenue through innovative products and services [7][8] Group 4: Technology Transfer and Commercialization - The "5V integration" model facilitates the transformation of scientific research into marketable products, exemplified by the "Dexterous Hand" robot project [9][10] - The park has implemented a comprehensive service platform to support the entire cycle of technology transfer, enhancing collaboration and resource sharing among stakeholders [10]

Core Viewpoint - The "Apple concept" sector, particularly Chaoyang Technology, has experienced significant volatility due to changes in US-China tariff policies and promotional pricing strategies ahead of the "618" shopping festival, leading to increased investor scrutiny [1][6]. Company Summary - Chaoyang Technology reported a total revenue of 1.734 billion yuan in 2024, a year-on-year increase of 21.24%, while net profit decreased by 3.31% to 113 million yuan [2]. - The company's revenue breakdown shows that earphone products generated 1.22 billion yuan (70.36% of main business revenue), sound products contributed 236 million yuan (13.62%), and precision components accounted for 265 million yuan (15.27%) [2]. - Major clients include well-known brands such as A client, Samsung, and Xiaomi, with sales to the largest customer reaching 703 million yuan, representing 40.53% of total sales [2]. Institutional Investor Changes - There was a notable reduction in institutional investor holdings in Chaoyang Technology from the end of 2024 to the first quarter of 2025, with only four institutions remaining compared to thirteen previously [4][5]. - The largest institutional shareholder, Morgan Stanley, reduced its holdings from 357,200 shares to 225,200 shares, while other funds also decreased their stakes significantly [5]. Sector Performance - The "Apple concept" sector saw a rise prior to the recent downturn, influenced by tariff changes and promotional activities in the consumer market [6]. - Companies like Dongni Electronics and Yanmian Technology also faced challenges, with Dongni Electronics reporting a revenue of 1.981 billion yuan in 2024, a 7.86% increase, but a net profit of only 11.52 million yuan [8]. - Yanmian Technology's revenue heavily relies on the Apple supply chain, with 44.19% of its sales coming from its largest customer [9]. R&D and Future Outlook - Si Lin Jie, another player in the sector, achieved a revenue of 184.51 million yuan in 2024, a 10.09% increase, with a net profit growth of 69.99% [10]. - Despite the growth, Si Lin Jie reported a decrease in R&D investment from 52.08 million yuan to 49.24 million yuan, indicating potential concerns about future innovation capabilities [11].